IMAGE: Pexx
In a world where borders are increasingly blurred by travel, trade and technology, the financial systems that power the global economy often lag behind. Marcus Lim, founder and CEO of Pexx, is on a mission to change that.
In an exclusive interview with Deeptech Times, Lim shared his vision for Pexx, a platform that leverages stablecoins and cutting-edge technology to deliver faster, cheaper and more accessible cross-border financial services. With a user base already in the tens of thousands and ambitious plans for global expansion, Pexx is poised to redefine how we move and manage money worldwide.
The inspiration behind Pexx
Founded in 2024, Pexx emerged from Lim’s 15 years of experience building tech companies focused on cost-effective, efficient solutions.
“The central thing that tech is trying to solve is how we save people money, time and give power back into the consumer’s hands,” Lim explained.
His inspiration for Pexx stemmed from a desire to address the inefficiencies of traditional banking systems, particularly in cross-border payments. “30 years ago, banks dominated with high fees and limited options. Now, with fintech and stablecoins, we’re seeing an evolution toward democratization,” he said.
Pexx aims to solve the persistent problems of legacy financial systems—high costs, slow transfer times and lack of accessibility. By tapping into stablecoins and blockchain technology, Pexx offers a platform where users can send USD to over 20 currencies worldwide, often in minutes, at rates that outperform its competitors. “We’re able to move money from here to India in 10 seconds, whereas our competitors take more than a day,” Lim said.
A platform built for the global citizen
Pexx’s core offering is its ability to provide seamless, borderless financial services. The platform supports transfers to over 17 countries, including India, Vietnam, the Philippines, China, and the U.S., with currencies like INR, VND, PHP, CNY and USD.
Users can deposit USD, USDT or USDC into their Pexx wallet and send funds directly to bank accounts worldwide, with real-time tracking and competitive FX rates.
“We’re connecting the pipes,” Lim said, referring to Pexx’s integration with local payment rails like Singapore’s FAST, India’s UPI and Australia’s NPP. By partnering with licensed payment providers in each country, Pexx creates a network that bridges local and global financial systems.
The Pexx Everyone Card, a virtual Visa debit card, is another standout feature. Available to any verified user with a $10 deposit, it requires no credit checks or U.S. residency, making it accessible to a global audience.
“It’s called ‘everyone’ because anyone with a valid ID and phone can access global spending—no waiting, no paperwork,” Lim said. The card, which supports Apple Pay and Google Pay, allows users to spend instantly online or in-store, with a 0.6 per cent platform fee and a 1.2 per cent FX markup for non-USD purchases.
Pexx also offers a USD virtual bank account, providing users with real U.S. banking details without requiring a U.S. address. Backed by tokenised U.S. Treasury Bills, the account offers up to 3.5 per cent APY, credited daily, with no minimums or lockups. “Your balance is secured by the safest asset on Earth,” Lim highlighted.
Leveraging stablecoins for efficiency
At the heart of Pexx’s innovation is its use of stablecoins, which Lim sees as a game-changer for cross-border payments.
“By leveraging stablecoins, you effectively cut out a lot of intermediaries,” he explained. Unlike traditional systems like SWIFT, which involve multiple middlemen and can take days, stablecoins enable near-instant transfers on decentralised ledgers. This not only reduces costs but also bypasses the delays and compliance issues often associated with legacy banking infrastructure.
Lim is quick to differentiate stablecoins from speculative cryptocurrencies. “Stablecoins are about transferring value, not speculation,” he said. “As long as they continue to solve real-world problems, their adoption will grow.”
Pexx’s ability to move money faster and cheaper demonstrates this value. The platform’s growing acceptance among third-party partners further fuels its momentum, as more businesses recognise the benefits of stablecoin transactions.
One of Pexx’s long-term goals is to challenge the dominance of Visa and Mastercard, which capture significant value through merchant fees. “Merchants pay 2.5–3 per cent per transaction. If I send stablecoins, you cut that out. That’s more money in everyone’s pocket,” Lim said. While disintermediating these giants is a hard problem, Pexx’s focus on merchant acquisition and stablecoin adoption positions it as a contender in this space.
Navigating regulatory challenges
Operating in a complex regulatory landscape is one of Pexx’s biggest challenges. Lim, who has experience dealing with regulators in multiple countries from his previous ventures, acknowledges the difficulty of educating authorities about stablecoins and blockchain.
“A lot of regulators lack education in this space,” he said. “They’re still figuring out how to regulate something that’s only been around for a few years, unlike banks, which have decades of regulatory precedent.”
In Singapore, the MAS has taken progressive steps by distinguishing stablecoins from other digital payment tokens, creating clear guidelines. However, in markets like Vietnam, regulatory ambiguity persists. “They don’t say you can’t do it, but they don’t have clear rules,” Lim noted.
Pexx’s strategy involves educating regulators and aligning with their goals, such as financial inclusion in countries like Indonesia, where 60 per cent of the population remains unbanked.
Scaling compliance with AI
To scale its operations across diverse regulatory environments, Pexx relies on advanced compliance tools, including AI-driven transaction monitoring.
“Compliance is about rules, logic and thresholds,” Lim said. AI enhances this by analysing user behaviour, transaction patterns and location data to flag suspicious activity, such as smurfing or rapid transfers.
While KYC processes are standardised globally, source-of-funds verification remains a challenge. “You can’t always trace where money came from offline,” Lim admitted, citing the example of illicit transactions that appear legitimate online. Pexx integrates with vendors to track tainted stablecoins but acknowledges the limitations of current technology.
The path forward
Pexx’s vision is bold: to become the “global bank of tomorrow,” metaphorically speaking. With a focus on organic growth and potential strategic acquisitions, the company plans to expand across Southeast Asia, the Middle East, Europe and the Americas within the next five years. Lim sees particular potential in markets like South America and Africa, where financial inclusion remains a priority. East Asia, including Korea, is also on the radar, though Japan’s aging population and stringent regulations present unique challenges.
As Pexx grows, it aims to support more currencies and enhance its offerings, potentially including e-wallet transfers in the future.
“How can we be the global bank of tomorrow?” Lim asked. “By providing instant global payments, borderless USD, and seamless stablecoin spending—all in one powerful account.”
With its innovative use of stablecoins, competitive pricing and user-centric design, Pexx is carving out a niche in the crowded fintech landscape. By addressing real-world problems, Pexx is not just keeping pace with the evolution of global finance but helping to shape it.
